Emerging Africa Infrastructure Fund (EAIF), which is managed by global investment manager Ninety One and operates within the multi-donor Private Infrastructure Development Group (PIDG), has secured $294m in additional debt facilities, representing over half of the fund’s $500m target by 2025.
According to a press release, the fund will invest across various infrastructure assets including those aligned with the energy transition, low-carbon economies and energy-efficient smart cities.
Allianz Global Investors led the financing on behalf of insurer and asset manager giant Allianz Group, committing €75m and $50m to EAIF. Standard Bank, Africa’s largest lender by assets, provided a $75m multi-currency revolving credit facility and a $25m debt facility, both linked to sustainability. German state-owned development bank KfW committed a €60m loan.
The debt financing follows the $385m debt capital raised in 2018, for which KfW and Allianz were among the participating lenders in the funding round, committing €75m plus $50m and €75m and $25m respectively.
EAIF plans to start investing in Asian markets in 2024 and work more closely with PIDG’s guarantee arm GuarantCo, development arm InfraCo and PIDG Technical Assistance in expanding its Asia portfolio over the coming years.
EAIF was established in 2001 and, with its partners, has completed 96 projects and mobilised total investment commitments of over $2.1bn across 20 African countries and 10 infrastructure sectors.
